Canadian company plans U.S. expansion around vape pens and other CBD products
Toronto-based 48North Cannabis Corp. has secured a billion milligrams of active CBD oil, through an industrial hemp production contract with Iverson Family Farms Inc.
As per the contract, Oregon-based Iverson Family Farms will harvest industrial hemp on 33 acres of land in 2019 for 48North, with the purpose of providing the company with CBD oil.
48North has expanded into the U.S., notes a company press release, and the hope is the new agreement will allow the company to solidify and expand its U.S. business operations.
The CBD oil itself will be used to launch a hemp-based, CBD-specific vaporizer pen, as well as other federally legal CBD-based products across the U.S., and used for future business-to-business sales.
“48North knows that strategic U.S expansion, with a focus on federally legal CBD-derived products, is critical to both the long- and short-term success of cannabis companies focused on brand and product for the recreational consumer market,” company CEO Alison Gordon stated in the press release.
The company, alongside this new deal, has a unique portfolio of cannabis brands that continues to grow. These include Latitude, a women’s cannabis website, as well as Avitas, a single-strain vaporizer cartridge.
Started in 1950, Iverson Family Farms began growing high-CBD hemp in 2016 and continued to expand, adding to its operations a CO2 processing and manufacturing facility. The company is said to now be one of the largest vertically integrated CBD operations in the world.
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Written by Tricia Strachan